As a regular member of the Social Security System (SSS) for payment, you are entitled to get some money to fulfill all short-term needs of the credit. The loan for SSS is cash-based as granted to SSS members with the whole amount you can borrow relying on the count of the contributions. AS you are borrowing all the money technically, the members of SSS have some double pros such as loan application approval is faster with a low rate of the interest rate as compared to other non-governmental institutions.
Let us know more about the salary loan of SSS, apply for it & other answers to all of your questions you have been itching to explain about the popular loan of SSS. Let us know more about how to apply for sss loan in the online Philippines!
An overview of SSS loan
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Simply put, a salary loan for SSS is a cash-based loan that either employed or any voluntary or self-employed, can provide to fulfill all short-time requirements. Due to the fast process of approval and low rate of interest, this salary loan is the most popular one & the most availed program of the SSS. In 2K19, a total of around thirty billion of the loans of SSS that were released & issued to the members of around 1.50 million as available of the said loans varies from January to that September.
Requirements of the SSS
By circular of 2019-0142, the member and borrowers who avail of the salary loan of SSS are needed to apply on the internet. To complete the whole loan application of the SSS, you require the following:
- Internet connectivity
- My.SSS account.
- Preferred disbursement of the electronic loan.
Who is eligible for the Salary loan of SSS?
The members of SSS who have thirty-six months of total contributions and other 6-months contributions in the past twelve months can apply. The amount for the salary amount is equal to that of the one month’s worth of the salary.
Also, you can apply for a salary loan of two months. But you ought to have at least seventy-two months of the contributions and six-months contributions in twelve months. Not so sure about the monthly contributions to get a loan from the SSS. You can find the contributions of the SSS on the portal My.SSS. Just get into the account & tap on the inquiry. Choose all contributions to see all total counts of contributions.
If you are employed, the employers have updated remittances of loans& some contributions based on months. You should stay up to date on acquiring loans. It includes all housing loans from the UHLP (Unified Home Lending Program) of the Govt.
Further, you ought not to have received the final benefits of the SSS such as retirement, the total amount of the disability, and other benefits related to death.
Final Note
In the end, offering a program for salary loans is the way the offers back to all members who can contribute regularly. In the Covid reality, consider with the help of the loan of salary to offer for the immediate needs of the family.